Devon Quarterly Results Beat Street, Oil Output Up
Aug 4 (Reuters) - Devon Energy Corp on Tuesday reported quarterly results that topped expectations as the oil and gas company with a focus on North America pumped a record amount of U.S. crude oil from shale basins in Texas and costs fell.
Shares of Devon rose about 2 percent in after-hours trading.
A more than 50 percent slide in crude from a year ago has oil companies drilling for oil in properties that have the highest returns while keeping a tight focus on cost-cutting.
"We made substantial progress reducing well costs and operating expenses," Dave Hager, Devon's chief executive officer said in a statement.
The Oklahoma City, Oklahoma company had a second-quarter loss of $2.8 billion, or $6.94 per share, compared with a profit of $675 million or $1.64 per share in the same period a year earlier.
The quarter's low oil prices prompted Devon to take a $2.6 billion after-tax charge related to asset writedowns. Excluding that and other items, Devon had a per share profit of 78 cents per share.
Analysts on average had expected a profit of 42 cents per share, according to Thomson Reuters I/B/E/S.
Total oil and gas production averaged 674,000 barrels of oil equivalent per day (boepd), up 9 percent from a year earlier. Gains were fueled by output from the company's oil and gas properties in the Eagle Ford field in south Texas and the Permian Basin in the western part of the state.
Shares of Devon ended at $48.74 in regular trading on the New York Stock Exchange. So far this year, the shares are down 20 percent.
(Reporting by Anna Driver; Editing by Chris Reese, Bernard Orr)
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